This study is the first in-depth analysis of a problem which is of growing concern to world financial policymakers. While most attention has been focused on the... » 

This study is the first in-depth analysis of a problem which is of growing concern to world financial policymakers. While most attention has been focused on the attempts to alleviate the burdens of both commercial and official bilateral debt of the countries affected, a new problem has emerged: the pyramiding of multilateral debt. «